ACRO BIOMEDICAL CO., LTD.

2021 Q4 Form 10-Q Financial Statement

#000164033421002942 Filed on November 22, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $95.25K $154.7K $160.00
YoY Change 425.66% 96562.5% -89.12%
Cash & Equivalents $95.25K $154.7K $156.00
Short-Term Investments
Other Short-Term Assets $13.17K $20.90K $16.00K
YoY Change -23.56% 30.63% 100.25%
Inventory $0.00 $448.0K $938.0K
Prepaid Expenses $1.167K $4.667K $4.000K
Receivables $598.0K
Other Receivables $0.00
Total Short-Term Assets $706.4K $623.6K $954.2K
YoY Change -27.42% -34.65% -10.78%
LONG-TERM ASSETS
Property, Plant & Equipment $50.43K $6.270K $30.72K
YoY Change 104.17% -79.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.230K $4.230K
YoY Change
Total Long-Term Assets $54.66K $6.268K $34.95K
YoY Change 121.3% -82.07%
TOTAL ASSETS
Total Short-Term Assets $706.4K $623.6K $954.2K
Total Long-Term Assets $54.66K $6.268K $34.95K
Total Assets $761.1K $629.8K $989.1K
YoY Change -23.74% -36.32% -7.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.20K $16.07K $5.070K
YoY Change 31.0% 216.96% -71.86%
Accrued Expenses $24.71K $5.890K $26.85K
YoY Change 0.86% -78.06%
Deferred Revenue
YoY Change
Short-Term Debt $20.74K $19.65K $188.0K
YoY Change -91.46% -89.55% 204.31%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $91.65K $61.61K $239.9K
YoY Change -70.64% -74.32% 22.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $25.72K $3.730K
YoY Change
Total Long-Term Liabilities $25.72K $0.00 $3.730K
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $91.65K $61.61K $239.9K
Total Long-Term Liabilities $25.72K $0.00 $3.730K
Total Liabilities $117.4K $61.61K $243.6K
YoY Change -62.4% -74.71% 24.43%
SHAREHOLDERS EQUITY
Retained Earnings -$7.936M -$4.084M -$176.9K
YoY Change 3225.52% 2208.68%
Common Stock $32.35M $32.35M $922.4K
YoY Change 3399.49% 3407.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $643.7K $568.2K $745.5K
YoY Change
Total Liabilities & Shareholders Equity $761.1K $629.8K $989.1K
YoY Change -23.74% -36.32% -7.51%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
acbm Statutory Federal Income Tax Rate
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21
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us-gaap Research And Development Expense
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acbm Increase Decrease In Purchase Deposit For Inventory
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us-gaap Increase Decrease In Deferred Revenue
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CY2020Q3 us-gaap Cash
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us-gaap Interest Paid Net
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us-gaap Nature Of Operations
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<p style="font-size:10pt;font-family:times new roman;margin:0px">NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS</p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="font-size:10pt;font-family:times new roman;margin:0px">Acro Biomedical Co., Ltd. (the “Company”) is a Nevada corporation incorporated on September 24, 2014 under the name Killer Waves Hawaii, Inc. On January 30, 2017, the Company’s corporate name was changed to Acro Biomedical Co., Ltd.</p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="font-size:10pt;font-family:times new roman;margin:0px">The Company’s business is the sale of cordyceps related products and, to a significantly lesser extent, metallothionein MT-3 elizer, a protein that in powder form is used in health supplements. Cordyceps is a fungus that is used in traditional Chinese medicine. The Company has not sold metallothionein MT-3 elizer since the quarter ended June 30, 2018, and its present inventory and the purchase deposit for inventory are for cordyceps related products. During the second and third quarters of 2021, the Company engaged consultants to take the initial steps to develop and implement a research and development and marketing program. These consultants are working independently and report to the chief executive officer. The Company cannot give any assurance that the marketing and research development activities will generate any new product or new marketing opportunities or generate any significant revenue.</p>
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CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due
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us-gaap Income Tax Expense Benefit
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acbm Stock Based Compensations
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CY2021Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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us-gaap Interest Expense
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us-gaap Interest Expense
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acbm Stock Based Compensations
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us-gaap Income Tax Expense Benefit
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us-gaap Valuation Allowances And Reserves Adjustments
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us-gaap Valuation Allowances And Reserves Adjustments
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CY2021Q3 us-gaap Deferred Tax Assets Valuation Allowance
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CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q3 us-gaap Deferred Tax Assets Net
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CY2020Q4 us-gaap Deferred Tax Assets Net
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us-gaap Use Of Estimates
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<p style="font-size:10pt;font-family:times new roman;margin:0px">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.</p>
us-gaap Proceeds From Related Party Debt
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18550 USD
acbm Repayment To Related Parties
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-241851 USD
acbm Repayment To Related Parties
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0 USD
CY2021Q3 acbm Imputed Interest Related Parties
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178 USD
CY2020Q3 acbm Imputed Interest Related Parties
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1558 USD
us-gaap Lease And Rental Expense
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2115 USD
CY2021Q3 us-gaap Security Deposit
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4230 USD
CY2021Q3 acbm Deferred Stock Compensations
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-27701483 USD

Files In Submission

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